Ey bye gum thas done reet well lads.
Yorkshire Builders lead the way creating a Commonhold development.
Just a small development of 5 apartments, but its another important step that could easily change how houses and apartments are owned.
The government have asked the Law Commission to see how they can further develop the commonhold idea.
The Law Commission, led by Professor Nick Hopkins was surprised to learn that a new building company Hopton Build (Yorkshire) were ahead of the game and the only known builder in England building and selling properties commonhold.
Commonhold provides actual Freehold ownership of individual properties and shared Freehold ownership of the common areas, exterior of the building, parking and gardens etc.
Traditionally homes were either:-
- Outright purchased and known as Freehold or
- Leasehold, where the land is retained by a freeholder. And the residential unit is leased for a period of time.
- Historically leasehold was for 999 years and a peppercorn rent. This enabled the lord of the manor to sell plots for building whilst still retaining “Lord of the Manor as far as you can see”.
- Also used to lease an apartment within a building. Nearly every apartment in the country is leasehold and increasingly new houses!
- Or Commonhold – rarely used. We are the only current builder and will be only the 21st commonhold sites in all of England and Wales.
Why? The tragedy starts with Modern Leasehold.
15 years ago major builders realised they could manipulate the leasehold concept, this has caused a lot of issues which the government have become increasingly concerned at.
There is an APPG All Party Political working Group trying to resolve. Their secretariat L.K.P. Leasehold Knowledge Partnership and the facebook initiated action group NLC National Leasehold are both now receiving national press coverage.
The National Association of Estate Agents “Leasehold a Life Sentence” say 94% of leasehold property buyers regretted buying. They called it a scandal about to burst and bigger than the banks PPI scandal.